Inventories are stacking up after the COVID supply chain crisis, so automotive and durable goods manufacturers are slowing down on input orders, even though demand for their products remains high. There's definitely a PC/smartphone demand slump (both sectors down around 10% YoY for Q2 2023), so add those two data points and factor in potential supply increases down the road due to CHIPS Act effects, and you're looking at decreased demand and increased price pressures for an uncertain amount of time. Given just how contradictory the broader market data is regarding the "soft landing vs minicession" debate, TSMC's specific revenue issues shouldn't be assumed to be dispositive.